Viktor Rashnikov
Viktor Filippovich Rashnikov | |
|---|---|
| Born | October 13, 1948 Magnitogorsk, Russia |
| Occupation(s) | Entrepreneur, businessman |
| Known for | Majority shareholder and chairman of Magnitogorsk Iron & Steel Works (MMK) |
Viktor Filippovich Rashnikov (born October 13, 1948) is a Russian billionaire entrepreneur and oligarch, with his net worth estimated at $9.1 billion as of February 2019. He holds the position of majority shareholder and chairman at Magnitogorsk Iron & Steel Works (MMK), ranking among the globe’s foremost steel manufacturers.
Rashnikov is also the proprietor of the Ocean Victory, which was ranked as the 10th largest motor yacht worldwide when it was built.
In response to Russia's military actions in Ukraine, Rashnikov and MMK faced sanctions imposed by the United States, United Kingdom, and European Union. Notably, in September 2022, Hungary petitioned for Rashnikov’s exclusion from the EU sanctions list.
Education
Rashnikov graduated in 1974 with a bachelor's degree specializing in metal forming technologies from the Magnitogorsk Institute of Mining and Metallurgy. He further advanced his education by obtaining a qualification in Production Management in 1994. In 1998, he earned a Doctorate in Technical Sciences and has since authored numerous scientific articles and engineering innovations. In 2002, he was honored with the title of Honored Professor at the Moscow Institute of Steel and Alloys and serves as an Academician within the Russian Academy of Quality Problems.
Career
Starting his professional journey in 1967 at MMK as a fitter within the repair workshop, Rashnikov steadily climbed the ranks. By 1991, he had assumed the roles of Chief Engineer and First Deputy General Director. He was appointed General Director in 1997 and elevated to chairman of the board in 2005.
Leadership at MMK
Throughout the 1990s, Rashnikov consolidated control over MMK by acquiring a majority stake, holding 87.26% as recorded in May 2017. Under his guidance, MMK doubled its annual steel output from 6 million to 12 million tonnes by 2007. That same year marked MMK’s initial public offering on the London Stock Exchange. Rashnikov led an extensive investment campaign that included upgrading five blast furnaces, establishing oxygen production units, electric arc furnace installations, and new rolling mill facilities. From 2000 through 2016, investments totaled $13 billion, with approximately $10 billion directed towards MMK’s expansion.
Philanthropic activities
Viktor Rashnikov dedicates roughly $25 million each year to social welfare and charitable initiatives through MMK, including financing the Holy Ascension Cathedral located in Magnitogorsk. Additionally, he has supported the development of state-of-the-art medical centers as well as two ski resorts situated in the Ural region.
MMK’s environmental programs have achieved a reduction of total emissions by 37.5% and specific emissions by 47.4%. Between 2011 and 2016, the company invested an average of 3.5–4 billion rubles annually into ecological projects. A strategic environmental plan extending through 2025 has been implemented, allocating over $600 million for sustainability investments.
The Russian government has officially acknowledged Rashnikov’s significant role in advancing Magnitogorsk’s social infrastructure.
Metallurg Magnitogorsk
Rashnikov owns and chairs Metallurg Magnitogorsk, an ice hockey club that has risen to prominence within Russia since his acquisition in 1993.
With backing from Rashnikov and MMK, a modern ice arena accommodating more than 7,500 spectators was constructed on the banks of the Ural River in 2006, involving an investment of $50 million. Arena Metallurg serves as the home ground for both Metallurg Magnitogorsk and its junior affiliate team, Stalnye Lisy (Steel Foxes).
Personal life
Rashnikov was raised in a Russian Orthodox household and is a father of two daughters. He currently possesses a Gulfstream G650 business aircraft (VP-BOT), managed by Jet Aviation Business Jets, and had previously been the owner of a Bombardier Global 5000 (VP-BJN).
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